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Neuland Laboratories Ltd’s net profit declined 61 per cent at Rs 3.25 crore in the first quarter ended June 30, 2014 compared to Rs 7.8 crore in the corresponding quarter for previous year.
The company’s scrip lost 11.05 per cent on the Bombay Stock Exchange on Friday to end at Rs 324.90.
The total revenue of the Hyderabad-based company too decreased 15 per cent at Rs 100 crore. “The first quarter results were affected by work flow re-prioritisation to accommodate certain customer needs, and we do not expect this to impact our overall performance for the new fiscal year,” said D R Rao, Chairman and Managing Director of Neuland Labs said in a release issued here on Friday.
The company, however, was back on its regular schedule now, he added. It also received approval from the Securities and Exchange Board of India earlier this month.
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